The global equity markets ran into a strong sell-off last week. #Nifty has failed to rise above 20,400 and the #BankNifty has failed to sustain above 46,000. So, the rise to 21,500 that we had expected is not happening now. However, the broader picture has not changed. The trend remains up and we are in a correction phase within that. Also, key supports are there coming up for the benchmark indices which will need a close watch. Whether the indices sustain above their supports are not is going to set the tone for the markets going forward.

Overall, it is going to be a wait and watch situation for the equity markets as important supports are coming up.

#Nifty has support at 19,600-19,500. If that holds, we can see a rise to 20,000-20,200 again. But a break below 19,500 can drag it down to 19,200-19,100.

#NiftyBank #Banknifty has support at 44,450. If that holds, we can get a rise back to 46,000. Else the index can fall to 43,750 or 43,300.

#DowJones has supports at 33,700, 33,500 and 33,300. The index can bounce from any of these supports and rise back to 34,600-34,800 in the short-term.